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Posted in Auto Loans
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Nean137

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If i pay off my car how much does it help my score 1 pts-10 pts Iheard it can take pts?
I'm thought if I paid off my car loan and early it would give me the extra boost in points I need but from what I'm reading it will hurt my score. I'm confused. can someone help?

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It will hurt your score because you will be closing an account. When you close an account it can affect the Average Age Of Accounts, overall credit utilization rates and closing an active positive tradeline. If you want to see your credit score increase, pay the loan down to a very low balance but not completely off.

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